The US SEC has approved Form 8-A (12B) filed by asset manager 21Shares for custody of the Solana Spot ETF. The long-awaited approval has reignited bullish sentiment, with traders eyeing potential GROUND rally to new all-time highs above $300.
The 21Shares Solana ETF ($SOL) is now officially registered on the Cboe BZX exchange, indicating that the product may begin trading soon.
However, the U.S. government shutdown temporarily halted SEC reviews of S-1 filings required for the launch of Solana and other spot crypto ETFs.
Even though 19b-4 approvals have been processed in accordance with the generic registration standards, the funds must still be registered under the 1933 and 1934 Acts.
Issuers including Bitwise and Grayscale withdrew, delaying the changes, meaning their requests could technically take effect after 20 days.
However, registrations also require filings on Form 8-A and exchange authorization; only 21Shares has taken this step so far.
Wave of US Solana Spot ETF approvals expected
Several SOL ETFs are ready to launch once the government reopens or trades proceed independently.
As US investors wait for a regulated Solana investment vehicle, the world’s first Solana spot ETF has launched in Hong Kong following the successful debut of the Bitcoin and Ethereum spot ETFs.
The product, created by China Asset Management Company (Hong Kong), widely known as ChinaAMC (HK), officially began trading on October 16, 2025.
ETF analyst Nate Geraci now believes several more Solana exchange-traded fund (ETF) proposals, some including staking, could receive approval from U.S. regulators before the end of October.
In an article on
Form S-1 provides detailed information about the fund’s structure, risks and operations.
Geraci speculated that approvals could come in the next two weeks, calling October a pivotal month for digital asset products.
Digital asset investment firm Pantera Capital says Solana (SOL) is at a major inflection point in its adoption as the third largest crypto asset after Bitcoin and Ethereum.
Market confidence in a SOL rally towards $300 is now high, with Polymarket showing a 99% chance in favor of approving the Solana ETF before the end of 2025.
Coingecko data also reveals that digital asset treasury (DAT) companies Solana have been accumulating SOL aggressively.
Ray Youssef, CEO of NoOnes, told CryptoNews that DATs such as Forward Industries and Helius have allocated over $2 billion to SOL accumulation, leading to an over 230% increase in cash holdings in September alone.
With the decisions regarding the launch of SOL ETF and the broader market, “Solana could not only gain more ground on ETH in the layer 1 arms race, but also reach $300 by Q1 2026”added Youseff.
Technical analysis: SOL targets $260-$300 target
On the technical side, the Solana (SOL/USDT) daily chart indicates that the asset has completed a corrective phase of Elliott Wave (ABC) and is now stabilizing near the 50% Fibonacci retracement zone around $180.
This level coincides with a key high volume node (HVN) and is located just above the 200-day EMA (purple line).
The previous impulse move to $244 marked the first wave, followed by a corrective structure that likely bottomed around the $166-$180 range.
The RSI is oscillating near the neutral zone, indicating slowing downside momentum and room for upside expansion.
If the current level holds, Solana is well positioned for the start of wave 3, typically the strongest phase of an Elliott wave sequence.
A confirmed breakout above $216 could trigger a rally towards $263 and potentially $295.
However, failure to sustain the price above $166 could extend the correction to $148 before recovery.
Overall, the structure favors a bullish reversal towards the $260-$300 zone in the coming weeks.
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